GLOBAL LUBRICANT ADDITIVES MARKET FORECAST 2019-2027

GLOBAL LUBRICANT ADDITIVES MARKET FORECAST 2019-2027

Organic or inorganic chemical compounds, when dissolved and suspended in lubricants to increase their performance is called lubricant additives. The global lubricant additives market is estimated to grow with a CAGR of xx% in terms of revenue and xx% in terms of volume. The market is anticipated to grow around $xx million and xx kilotons by 2027. The base year considered for the study is 2018 and the estimated period is between 2019 and 2027. One of the factors driving the market is the increasing number of countries are beginning to adhere to stricter emission standards. Fuel availability, a primary requirement for stricter emissions, sets the pace for these emission regulations.

Organic or inorganic chemical compounds, when dissolved and suspended in lubricants to increase their performance is called lubricant additives. The global lubricant additives market is estimated to grow with a CAGR of xx% in terms of revenue and xx% in terms of volume. The market is anticipated to grow around $xx million and xx kilotons by 2027. The base year considered for the study is 2018 and the estimated period is between 2019 and 2027.

One of the factors driving the market is the increasing number of countries are beginning to adhere to stricter emission standards. Fuel availability, a primary requirement for stricter emissions, sets the pace for these emission regulations. The world is currently governed by three major legislative standards for emission regulations of commercial vehicles: Environmental Protection Agency (EPA), California Air Resources Board (CARB), and European Commission (EC).

Viscosity index improvers are one of the major types of lubricant additives. Viscosity index improvers are polymeric additives that are added to reduce the impact of increasing temperature on the viscosity of lubricants. These additives are widely used in gear oils, multi-grade engine oils, automatic transmission fluids, hydraulic fluids, greases and power steering fluids. Materials that are widely used for viscosity index improvers are polyisobutene (PIB), olefin copolymers (OCP), polymethacrylates (PMA) and radial polyisoprene. The additives allow the fluid to flow more liberally at a low temperature to reach the bearings quickly.

The expense and complex testing procedure are the major restraining factor for the market. With the increasing intricacies of contemporary motors and equipment, technology engaged in the development of a new range of high-performance lubricants is becoming more complicated. The development of a variety of lubricants is now very crucial from a worldwide view, as engine oils for passenger vehicles and heavy-duty trucks have to cover the quality demands of the U.S., European, and Japanese machinery manufacturers to be acceptable worldwide.

The report on the global lubricant testing market includes segmentation based on application, type and region.

Market by Type

Dispersants

Detergents

Viscosity index improvers

Anti-wear agents

Corrosion inhibitors

Antioxidants

Emulsifiers

Friction modifiers

Other types

Market by Application

Automotive

Passenger car

Heavy-duty

Other automotive

Industrial

Industrial engine oils

Metalworking fluids

General industrial oils

Other industrial

Geographically, the global lubricant additives market has been segmented on the basis of four major regions, which includes:

Asia Pacific region forms a major market for lubricant additives. The rapid urbanization and industrialization in the Asia-Pacific region are promoting the growth of the lubricant additives market as there is an increased need for high-grade lubricants. China continues to be the leading consumer of lubricant additives among all countries in the world and is expected to continue dominating the market during the forecasted period.

The global lubricant additives market is segmented into type and application. Type is further sub-segmented into viscosity index improvers, emulsifiers, anti-wear agents, dispersants, corrosion inhibitors, detergents, antioxidants, friction modifiers, and other types. The application market is further bifurcated into industrial and automotive. The industrial segment includes industrial engine oils, general industrial oils, metalworking fluids and other industrial. The automotive segment consists of passenger cars, heavy-duty and other automotive.

The major market players in the global lubricant additives market include:

Infineum International Limited

BASF SE

Lubrizol Corporation

Vanderbilt Chemicals LLC

Croda International PLC

Others

Company profiles cover an in-depth analysis of important players. These companies are adopting effective strategies to increase their presence in the market. For instance, in December 2016, Afton Chemicals Corp acquired Aditivos Mexicanos S.A. de C.V. In December 2016, Chevron Corporation announced plans of investing in Novvi, a bio-based lubricants company manufacturing renewable base oils. This investment represents the company’s aggressive growth plans in the synthetic & renewable lubricants segment. In March 2016, BASF SE announced the inauguration of a production plant at Gebeng, Malaysia, to manufacture high-performance fuel & lubricant additives.

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